Manama, Bahrain: Batelco Group (Ticker: BATELCO), today announced it has agreed with Cable & Wireless Communications Plc ("CWC") to unwind the previous transfer of a 25% shareholding in Compagnie Monegasque de Communication SAM ("CMC") from CWC to Batelco.
CWC has re-paid to Batelco the $100 million paid by Batelco to CWC upon completion of the Islands disposal and Batelco has re-transferred to CWC the 25% shareholding in CMC. All option arrangements between CWC and Batelco in relation to CMC have terminated.
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This press release has been issued by Batelco Corporate Affairs department.
For further information, please contact Batelco Public Relations Office
Public.Relations@btc.com.bh / Fax +973 17611898
About Batelco
Batelco Group, is headquartered in the Kingdom of Bahrain and listed on the Bahrain Bourse. Batelco has played a pivotal role in the country's development as a major communications hub and today is the leading integrated communications' provider, continuing to lead and shape the local consumer market and the enterprise ICT market. Batelco has been growing overseas via investing in other market-leading fixed and wireless operators.
Batelco Group has evolved from being a regional Middle Eastern operation to become a major communications company with direct and indirect investments across 14 geographies, namely Bahrain, Jordan, Kuwait, Saudi Arabia, Yemen, Egypt, Guernsey, Jersey, Isle of Man, Maldives, Diego Garcia, St. Helena, Ascension Islands and Falklands.
About Cable & Wireless Communications
Cable & Wireless Communications is a full-service communications business. We operate leading communications businesses offering mobile, broadband and domestic and international fixed line services in most of our markets as well as pay TV, data centre and hosting, carrier and managed service solutions. Our operations are focused on providing our customers - consumers, businesses, governments - with world-class service. We are the market leader in most products we offer and territories we serve. For more information visit www.cwc.com.
© Press Release 2013
